By: Ismael Rodriguez

Real estate analysts say a consolidated industry has propelled Chinese companies to spend what could become more than $27.6 billion to acquire competitors and their assets by the end of this year.

Citigroup associates predict that China’s top 10 biggest developers will increase their joint share of sales from 20 percent in 2016 to 28 percent by the end of this year, according to a Bloomberg interview.

“Slimmer profits on home sales and ever-climbing land prices will keep squeezing smaller developers out of the industry,” Le Jiadong, an analyst with Guangfa Securities Co. in Shanghai, told the press. “Even amid buoyant sales in lower-tier cities, some small builders are choosing to sell their entire assets— and leading players are seizing the chance for further land-bank acquisitions.”

So far this year, developers have spent a record $14 billion on acquiring competing firms and their assets, amassing enough that it could potentially surpass last year’s $27.6 billion, according to a Bloomberg.

Last week, for example, Dalian Wanda Group, under regulation, sold a portfolio comprised of 76 hotels and 13 theme parks to Sunac China Holding for $9.3 billion. Wanda completed the second-biggest sale in Chinese history to chop down its considerable debt.

Other recent deals included China Vanke’s $8 billion purchase of the bankrupt Guandong International Trust investment Corp. in Guangzhou this month.